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Headline : Intels ousted CEO may get more than $10 million in severance

Read more from the original article on here at qz.com.





Tags : #intels #ousted #ceo #may #get #than #10 #million #severance


No. of Paragraph 13

Outgoing Intel CEO Pat Gelsinger is set to get paid as much as $10 million as he exits the struggling tech giant.

Gelsinger will receive 18 months of his base annual salary of $1.25 million, or $1.8 million, and 1.5 times his target bonus of $3.4 million, or $5.16 million, which will be paid out over the next 18 months, Intel (INTC+1.73%) said in a regulatory filing on Tuesday.

Gelsinger will also receive a payment equal to 11/12ths of his 2024 bonus — which is subject to company performance — that he would have received had he not resigned. That would be a little more than $3 million.

His departure comes as the chipmaker struggles to keep pace with massive competitors like Nvidia (NVDA+1.96%) in the artificial intelligence boom. In recent months, Intel has also been the subject of activist investor interest, including a potential takeover bid, as its performance has lagged.

Read more from the original article on here at qz.com.


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